General

The Guernsey Financial Services Commission has today issued a consultation paper seeking views on a proposed revised set of rules and guidance, which would be made under the Protection of Investors (Bailiwick of Guernsey) Law, 2020 (“the POI Law”), and which are intended to update and improve upon the current Prospectus Rules and Guidance, 2021. This consultation paper forms part of a programme of...

The Commission has today published a Consultation Paper setting out the Commission’s proposed Rules and approach to regulating equity release products. Equity release allows homeowners to release some of the value tied up in their home. It is a financial product available to people in later life who may have limited incomes and considerable housing equity. Customers can obtain cash releases whilst...

The Commission has today issued Unclaimed Investor Money Guidance under the Protection of Investors (Bailiwick of Guernsey) Law, 2020. Taking forward proposals consulted upon earlier in the year, the new guidance addresses the need for funds to have a policy for unclaimed investor money, to identify a responsible entity for overseeing this policy and to make appropriate disclosure to investors...

The Guernsey Financial Services Commission has today issued the Regulated Investment Exchange Operator Rules and Guidance, 2024 (the “RIEO Rules”), made under the Protection of Investors (Bailiwick of Guernsey) Law, 2020 (the “POI Law”). These rules will come into operation on 31 January 2025. This follows the public consultation in respect of the RIEO Rules, which closed on 12 November 2024. The...

The Commission has made Regulations amending the scope of the types of company permitted to use a PCC structure, under the Companies (Guernsey) Law, 2008 (“the Companies Law”), to include licensed Pension Service Providers. This amendment, which will broaden the range of structures available to Pension Service Providers, follows completion of a public consultation process. Further information can...

The Commission plans to increase licence fees paid by firms from 1 January 2025 by 5.3%. On 11 September 2024, the Commission issued a consultation paper on the fee rates to apply from 1 January 2025 which contained the following proposals: an overall increase in fees of 5.3%; an increase in fees for Retail General Insurers to recognise the additional supervisory effort required to mitigate the...

The Commission has today issued an amended version of its Explanatory Note regarding the surrender of the authorisation or registration of collective investment schemes. The amendments reflect feedback received from industry and practical experience of implementation over the one-year period since the publication of the original Explanatory Note and provide for a more flexible approach to the...

In advance of the publication of the Commission’s fee consultation feedback paper in December, please note that in early January, the Commission will be distributing 2025 annual fee invoices using the generic email address that we hold on record for each licensee and registrant. If you wish to check which email address the Commission holds for your firm, please contact [email protected] quoting...

Guernsey Funds The total net asset value of Guernsey funds at the end of the quarter was £288.8 billion, a decrease over the quarter of £6.9 billion (-2.4%). Over the past year, total net asset values are almost unchanged with a decrease of £0.1 billon. Closed-ended Schemes Within these totals, Guernsey closed-ended funds decreased over the quarter by £5.2 billion (-2.1%) to £238.8 billion. This...